In this post, I want to introduce the new feature you can use from Freshbooks. With retainers, you will be able to collect recurring payments from your clients.

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Want to collect recurring payments from your clients? There is an option for it with Freshbooks new feature called Retainers | Learn more on www.themompreneurship.com #invoicing #business #bloggingtips #money

Please note that this option is only available for Freshbooks customers who have Plus or Premium plan.

How retainers could help you:

  • Collect recurring payments
  • Tracking hours against the allotted time
  • Forecast your monthly income
  • Manage the process of a project and avoid scope creep
  • Set clear expectations with your clients
  • Streamline invoice

Do you want to learn more about this feature? Read below

What are retainers exactly?

It will help you work more efficiently with your team and clients. Once you create it you’ll be able to send a bill to your client for a fixed amount upfront and you could track time towards the Retainer.

And, if by the end of the month, you have clocked more hours than the Retainer covered, you can easily bill for that excess time on a one-time invoice.

Let see an example: Your client has you on Retainer for $1,000, working 10 hours per month. But you end up clocking 17 hours. FreshBooks will automatically notify you that you’re 7 hours over. Then you’ll even have the option to bill for those extra hours with a one-time invoice.

But if you only work 8 hours a month for that client, the surplus hours won’t get carried. Instead, FreshBooks will restart your Retainer and you’ll begin the next month with 10 hours again.

So there are 3 reasons why you have to use Retainers instead of Recurring Invoices:

  1. Your all-in-one solution
    It’s an easy to use tool and you no need to have an additional app or searching hours for email chains.
  2. It will help you run a profitable business
    Focusing more on a conversation project work, rather than just collecting payments.
    Won’t let you leave money on the table because it ensures that you’re diligent about billing.
  3. Saves you time while billing
    Retainers help you easily transition from one-off projects to steadier sources of income.
    Each month you’ll get valuable insights into project trends, time tracking and be able to forecast future profitability.

How do they work?

Now I will show you how you can create, track and edit Retainers.

To Create

Step 1: From your blue menu, click the Retainers tab and select the green “New Retainers” button to get started.

retainers create 1

Step 2: Fill out the details and then click “Set & Continue.”

retainers create 2

Step 3: Now you’ll see a sample Retainer Invoice that your client will receive each month. Use the Settings menu on the right to make any further adjustments.

retainers create 3

TO EDIT AND TRACK

Step 1: From anywhere in your account, click the Retainers tab from your blue menu on the right, located under Invoices. Select the Retainer you would like to edit.

retainers edit 1

Step 2: This is a snapshot of your Retainer! From here, you can edit (using the green button on the top right), view your Invoices, Time Entries and get insights on the month’s progress.

retainers edit 2

TO ACCESS RETAINER REPORTS

Step 1: From anywhere in your account, click the Retainers tab from your blue menu on the right, located under Invoices. Select the Retainer you would like to access.

retainers step 1 edit

Step 2: Select the Summary Report tab to access the Retainer Summary Report. Click on the report to view it.

retainers summary 1

Step 3: Here is your Retainer Summary Report! You can send the report to your client (using the green button on the top right) or download a copy of the report under More Actions.

retainers summary 2

As you can see it is so easy to create, edit and track Retainers. And the best part is that you can try it out for free for the whole month.